NEW DELHI, May 23: Tracking a weak global trend on demand concerns, copper prices fell by 1.32 per cent to Rs 411.35 per kg in futures trade today as speculators offloaded their positions.
At the Multi Commodity Exchange, copper for delivery in June fell Rs 5.50, or 1.32 per cent, to Rs 411.35 per kg in business turnover of 3,152 lots.
Similarly, the metal for delivery in August traded lower by Rs 5.40, or 1.28 per cent, to Rs 416.30 per kg in 251 lots.
Analysts attributed the fall in copper futures to weak global cues after a report showed manufacturing in China, the world’s biggest metals consumer, is contracting for the first time in seven months.
Meanwhile, copper for delivery in three months fell 2.7 per cent, the most since May 14, to USD 7,276.25 a tonne on the London Metal Exchange. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel